Spike in SMSF borrowing breachesBY MARK SMITH | FRIDAY, 23 JAN 2015 12:20PMThere has been a spike in the number of self-managed super fund (SMSF) breaches related to borrowing, research by Partners Wealth Group shows. Related News |
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![Phil Usher](https://media.financialstandard.com.au/prod/media/library/Contacts/cwyzorar-0002_featured_profile.png)
Phil Usher
CHIEF EXECUTIVE OFFICER
FIRST NATIONS FOUNDATION
FIRST NATIONS FOUNDATION
Taking a gamble to steady the ship as chief executive of First Nations Foundation, Phil Usher has turned it into a more secure, self sustaining entity, far better equipped to empower First Nations people to achieve financial prosperity. Andrew McKean writes.
"'my suspicion is that there has been confusion, resulting in some SMSF trustees thinking it was permissible to use their fund to borrow to overcome a short term liquidity problem - much like a small business seeking a temporary extension to a bank overdraft in difficult circumstances."
That sounds more like an in house asset or maybe financial assistance to a member problem than a LRBA issue